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222 E 41st St, New York, NY...

Updated Oct 29, 2024

Commerz Real Acquires Murray Hill Office Building For $330M
SOLDOffice

Commerz Real Acquires Murray Hill Office Building For $330M

222 E 41st St, New York, NY 10017, USA

Building Size

4,000,000 SF

Asset Type

Office

Closing

Apr 29, 2018

About this deal

AI

The office building located at 222 East 41st Street in Murray Hill, Manhattan, has been sold in a closed transaction. The property, measuring 400,000 square feet, was purchased for a price of $330,000,000, resulting in a price per square foot of $850. The seller, Columbia Property Trust, completed the sale to Commerz Real, represented by Andreas Muschter.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $330,000,000
  • Square Footage: 400,000 sf
  • Price per Square Foot: $850
  • Address: 222 East 41st Street, New York
  • Market: Murray Hill, Manhattan

Commerz Real, represented by Andreas Muschter, acquired the office building from Columbia Property Trust in the closed property transaction. The deal involved significant investment in the prime location of Murray Hill, Manhattan.

Players

Columbia Property Trust
Columbia Property TrustSeller

New York Office Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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